South Korea Lubricants Market Report and Forecast 2024-2032

South Korea Lubricants Market Outlook

The South Korea lubricants market size was nearly 819.19 million litre in 2023. The market is estimated to grow at a CAGR of 2.4% during 2024-2032, to reach nearly 1021.21 million litre by 2032.

Key Trends in the Market

Lubricants refer to substances that are used to reduce friction between different parts and minimise the wear and tear of machines. They also decrease operational downtime while increasing the overall productivity of machinery. Lubricants are used in different end-use sectors, like automotive and chemical, among others.

• The South Korea lubricants market growth can be attributed to increasing investments in metal-based manufacturing in the country. As various types of machinery experience wear and tear due to continuous use over time, lubricants such as mineral oil, grease, hydraulic oils, and gear oils, among others, are used to maintain their operational efficiency and enhance their functional capabilities.

• The robust growth of the automotive sector is propelling the South Korea lubricants market demand. Due to the presence of indigenous automotive brands like Kia, Hyundai, and Genesis, among others, the demand for lubricants to ensure the smooth functioning of vehicle parts and enhance the fuel efficiency of vehicles is increasing.

Moreover, South Korea has been a pioneer in the electric vehicles (EVs) market; reportedly 78106.60 electric car units were sold in the country in 2021. Lubricants play an essential role in surging the efficiency of vehicles, enhancing their durability, and reducing wear and tear on vehicles’ moving parts.

• One of the South Korea lubricants market trends is the shift towards sustainable alternatives, surging the demand for eco-friendly lubricants. Non-toxic lubricants derived from raw plants, such as sunflower seeds, soybeans, and canola, among others, with anti-oxidation, anti-rust, and anti-wear properties are gaining significant popularity in the country.

Market Analysis

Based on base oil, the market is divided into mineral oil, synthetic oil, and bio-based oil. On the basis of product type, the South Korea lubricants market segmentation includes engine oils, greases, hydraulic fluids, metalworking fluids, and transmission and gear oils, among others. Based on end use, the market is divided into automotive, heavy equipment, metallurgy and metalworking, and chemical, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the South Korea lubricants market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• BP Plc

• Exxon Mobil Corporation

• Shell Plc 

• Exolube Lubricant Corp. 

• FUCHS SE 

• GS Caltex Corporation

• HD Hyundai Co. Ltd. 

• SK Inc. (SK Enmove Co., Ltd.) 

• S-Oil Corp. 

• Michang Oil Ind. Co., Ltd. 

• Others

Market Share by Product Type

Gear and transmission oils represent a significant portion of the South Korea lubricants market share as these lubricants play an essential role in the automotive sector. As both transmission and gearbox oils support gears to change and control the speed, force, and direction of a vehicle, their demand is significantly increasing.

Moreover, gear and transmission oils are widely used in sectors like aerospace, automotive, and power generation, among others, to reduce friction and protect transmission. The demand for gear and transmission oil is further expected to grow in the forecast period due to rapid industrialisation, rising infrastructure projects, and advancements in technology.

Market Share by End Use

As per the South Korea lubricants market analysis, the demand for lubricants in the automotive sector is increasing. Lubrication of automotive parts is essential to reduce the friction caused by vehicles and prevent continuous wear and tear. Lubricants can also be used to clean and cool down the engine parts and prevent them from oxidation and corrosion.

Moreover, with the increasing adoption of EVs in the country, key players in the markets are attempting to develop lubricants that can be used for electric and hybrid electric vehicles.

Competitive Landscape

FUCHS SE is a German company that was founded in the year 1931 and company deals in lubricants and related specialities. It operates in six key segments, including automotive lubricants, industrial lubricants, lubricating greases, metal processing lubricants, special application lubricants, and services.

GS Caltex Corporation was founded in 1967 and is headquartered in Seoul, South Korea. The company started producing lubricants in 1969. It produces engine oils for passenger and commercial cars, hydraulic fluid for industrial application and lubricating oils for automotive and industrial use. The company launched Kixx, an automotive lubricants brand in 2005.

HD Hyundai Co. Ltd., headquartered in Ulsan, South Korea, is a company that deals in four major business lines, including marine, energy, industrial, and support and service. Hyundai and Shell Base Oil is a joint venture company which produces high-quality lubricant base oil. The company supplies its high-quality products to around 30 countries throughout the world.

Other South Korea lubricants market players include BP Plc, Exxon Mobil Corporation, Shell Plc, Exolube Lubricant Corp., SK Inc. (SK Enmove Co., Ltd.), S-Oil Corp., and Michang Oil Ind. Co., Ltd., among others.

Key Highlights of the Report